Sears Lists Several Properties for Sale in Central Florida

Riding on the heels of an announcement last spring to close more than a 100 of its brick-and-mortar locations, Sears is continuing to unwind its real asset holdings. The struggling retailer has retained Avison Young Florida Capital Group in an exclusive to market and sell three department stores and the largest Sears distribution center in the state.

If successful, the sales will provide millions in much-needed cash flow to fund Sears struggling operations. The five properties, located in Daytona Beach, Port Richey, Tampa, and Ocala, total more than 2.35 million square-feet. The largest of the properties is the 1.93 million square-foot distribution center located at 655 Southwest 52nd Avenue in Ocala, and is also the largest industrial building in Florida.

Sale-leaseback deals have been a preferred method of disposition for Sears, which allow the retailer to downsize, but continue its day-to-day operations. It hopes to raise its liquidity and return to profitability.  

The Avison Young marketing team includes principal and managing director Michael T. Fay, principals John K. Crotty and David Duckworth, senior vice presidents Jay A. Ziv and Ray Hayhurst, and senior associates Joshua Ladle and Brian de la Fé.

Article by: Katya Demina

Construction Underway At The Perkins + Will-Designed 1212 Lincoln

Construction is now underway at Crescent Height’s Perkins + Will-designed 1212 Lincoln in South Beach where construction crews have already begun foundation work. The project will feature 70,000 SF of retail including a brand new Wells Fargo Bank and over 400 parking spaces. A second phase on the adjacent lot will bring a 50-room CitizenM hotel, additional retail and a food court. 1212 Lincoln will help expand Lincoln Road across Alton Road westward. 

The Borges Architects + Associates-Designed Megacenter Brickell Gearing Up To Go Vertical

Megacenter Brickell is gearing up to go vertical as foundation work is nearing completion and the developer has filed with the FAA for crane installation. Megacenter Brickell is being developed by Red Megacentro and is designed by Reinaldo Borges of Borges Architects + Associates. The project will feature 74,790 SF of storage space, 57 residential units spread over 45,080 SF, 16,670 SF of office space, 9,134 SF of retail and 111 parking spaces. Megacenter Brickell is located at 420 SW 7th Street, Miami.

Lennar Files Plans For Wynwood Green, A Rental Project Replacing Wynwood Yard

America's largest homebuilding, Lennar (LEN), has submitted plans to build Wynwood Green, a 189-unit rental apartment complex at the site of Wynwood Yard. The project would rise 11-stories on the 1.26 acre site and is designed by Dorsky + Yue. Wynwood Green would bring 189 apartments, 324 parking spaces and 16,768 SF of commercial space. Lennar is requesting to build an additional 3-stories then zoning allows via ca contribution to the Wynwood Public Benefits Fund. The developer, Lennar Multifamily Communities, is currently under contract to purchase the site which would also be their first multifamily project within the city of Miami. The proposal was recently presented to Miami's Urban Development Review Board.

Check Out ZOM's Newly Opened Stantec-Designed Solitair In Brickell

ZOM Living's new Stantec-designed Solitair is now open in Brickell after breaking ground in 2015. Solitair is located directly across the street from Brickell City Centre at 86 SW 8th Street. The 50-story tower, which broke ground in 2015, features a design inspired by the Medjool date palm tree. Solitair features 438 residential rental units with luxurious finishes which range from studio, one and two-bedroom layouts with a selection of 2-bedroom penthouse suites. Amenities include a resort style swimming pool on the 50th floor, spa, billiard room, resident's lounge, business center, and a fitness center complete with an outdoor yoga area. The building also brings 6,200 SF of ground floor retail space and 463 parking spaces. Pricing starts at $1,293 /mo. and varies based on availibilty. 

CAOBA Miami Worldcenter Reveals New Renderings As Tower Powers Towards Completion

CAOBA Miami Worldcenter has revealed new renderings and launched a website in anticipation of the buildings upcoming completion. CAOBA’s market-rate rental apartments range in size from 500 SF studios to 1,300 SF 3-bedroom floor plans. Residences feature 9' ceilings, contemporary design finishes, in-unit washers and dryers, and private balconies that open up to sweeping views of Biscayne Bay and the downtown Miami skyline. Amenities, including a pool deck overlooking downtown, a fitness center, a clubroom and an outdoor dog-walking lawn.

CAOBA was the first tower in the 27-acre, $2 billion Miami Worldcenter mega-project to top-off at 43 stories in Downtown Miami's Park West neighborhood. The transit-oriented rental complex is bringing 444 market-rate apartments to Miami’s urban core along with 888 parking spaces. CAOBA also will bring more than 20,000 SF of ground-floor retail space which will feature shops and restaurants, connecting Miami Worldcenter’s ‘High Street’ retail promenade and plaza to the east between Northeast 1st and 2nd Avenues.

The project was formerly known as the first phase of the Seventh Street Apartments and was co-developed by CIM Group with Falcone Group. CAOBA is located at 698 Northeast 1st Avenue and is one block from Miami Central, downtown’s new transportation hub and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and Orlando. The 27-acre, 10-block Miami Worldcenter is one of the largest private real estate developments currently under construction in the United States. Miami Worldcenter features a diverse mix of urban land use, including high-street retail, hospitality, office and residential uses surrounded by world-class amenities and boasting convenient access to transit.

Check out the website: https://www.caobamwc.com

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Adler Group & 13th Floor Investments Propose Link at Douglas At Douglas Road Metrorail Station

Adler Group and 13th Floor Investments have submitted plans for Link at Douglas to Miami-Dade County, representing the first step of their multi-phase plan bring a mixed-use development to the Douglas Metrorail Station. The proposal includes a 40-story tower with 11-story parking garage and 406 residential units along with 60K SF of retail. The tower will rise 450' and is being designed by Arquitectonica. Construction is expected to begin Q1 2019.

The 1.2 Million SF Zyscovich Architects-Designed Aventura ParkSquare Receives TCO

Aventura ParkSquare has received its Temporary Certificates of Occupancy (TCO) from Miami-Dade County as the mixed-use projects gears up to open to residents and commercial tenants. Aventura ParkSquare is being developed by Integra Investments and was revealed in 2014 before breaking ground in 2016. The project was designed by Zyscovich Architects and the 7.4 acre project, which is located at Waterways Boulevard and NE 207th Street, is designed to promote a walkable lifestyle with ground floor activity and a shaded, interior main street pedestrian promenade. The project includes 1.2 million SF of total development spread over 5 buildings featuring a 9-story office and condo building, a 45K SF medical center, a 207-key Aloft Hotel, a senior housing building and a parking garage. Tenants include Starbucks, Doc B's, Barry's Bootcamp, and Delicious Raw Kitchen and Juice Bar. 

Metronomic Place Mixed-Use Hotel Designed By CLAD Revealed In Coconut Grove

Metronomic Place, a new mixed-use project coming to 3280 Grand Avenue, has been revealed in Coconut Grove. The project is being designed by local architecture firm CLAD and will feature interiors by One Design Build. Metronomic Place will rise 5 stories and will feature 5,000 SF of office space, 3,200 SF of ground-floor retail and a 44-key hotel. The hotel component will be all suite offering larger rooms with terraces and full kitchenettes. Amenities will include a landscaped roof terrace with pool deck. The project is being developed by Metronomic, Inc. who acquired the former car was property for $4.1 million. The office space will become Metronomic, Inc.'s new headquarters. Metronomic Place plans to break ground in September 2018 with an expected completion in 2019. 

Construction Underway On Magic City Innovation District As Leasing Of Commercial Space Kicks Off

Magic City Innovation District (MCID), a 17.7-acre Innovation District in Miami’s Little Haiti and Little River neighborhoods, has commenced renovations on 17 of its 21 commercial buildings. The project's first phase of commercial development features 200,000 SF of leasable space spread through several modernized warehouses. Designs for the commercial spaces, which range from 300 to 14,000 SF, are spearheaded by a variety of local design firms, including McKENZIE and ELM Architects. MCID anticipates being ready to receive office, retail and other commercial tenants as early as September 2018. Metro 1, South Florida’s leading real estate brokerage, management and development firm, will handle leasing efforts for the 17 spaces, geared toward creative-style tenants that align and shape MCID’s atmosphere and further promote foot and auto traffic throughout the neighborhood.

“The majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” said Tony Cho, founder and CEO of Metro 1 and a MCID founding partner. “Soon you will be able to walk through Phases 1 & 2 of Magic City and experience how the vision behind the property interacts and attracts a true innovation ecosystem to Miami, while preserving Little Haiti’s unique character.”

MCID spans 6 city blocks and intends to redevelop the Little Haiti and Little River neighborhoods to create a walkable, campus-like neighborhood where individuals from all demographic backgrounds can enjoy a high-quality live, work, play lifestyle. With an emphasis on technology, sustainability, health and wellness and art and entertainment, MCID will contribute to the economic vitality of the area and enhance the appeal of the community. Phase two of the MCID development is the Forest of Curiosities park created in partnership with Lune Rouge, the Montreal-based enterprise founded by Cirque de Soleil founder, Guy Laliberté. The park promotes innovation, creativity and entrepreneurship and will have a central role in the curation and creative direction of Magic City’s arts and entertainment venues. 

“Magic City’s long-term development schedule and unique large-scale format makes the leasing process totally different from what you’d typically see at a new construction project elsewhere in the city. We’re looking for retail partners who not only share our desire to reinvigorate the surrounding community with new energy, but also complement the area’s existing vibe,” said Andres Nava, Vice President of Commercial Leasing at Metro 1. “Finding the right balance can be challenging, but we’re determined to fulfill our promises and create something that will benefit the entire community, not just the development team.”

MCID is also offering short-term lease opportunities, with spaces ranging from 300 SF to 30,000 SF. One of the few large-scale event venues in the City of Miami, these spaces are now available to host local community events as well as large-scale national/international conferences.